{"F": {"ts_code": "000166.SZ", "name": "申万宏源", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "证券Ⅱ", "sw3": "证券Ⅲ", "ind": "证券Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20150126", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.59, "pe_ttm": 10.4929, "pb": 0.9996, "dv_ttm": 2.3965, "total_mv": 11493334.5255, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [294.1, 343.1, 206.1, 215.0, 247.4, 242.6], "np_series": [77.7, 94.0, 27.9, 46.1, 52.1, 95.1], "roe_series": [9.0, 10.2, 2.9, 4.7, 5.1, 8.8], "period": "20260630", "rev_ttm": 264.0, "np_ttm": 109.5, "ocf_ttm": -249.9, "fcf_ttm": -254.1, "fcf_yield": -22.1, "ocf_yield": -21.7, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 25.5, "roe_median": 5.1, "commodity": false, "hard_ratio": 0.1, "fix_assets": 10.7, "goodwill_ratio": 0.0, "pb_calc": 1.0, "capex_dep": 1.84, "interest_debt": 1488.8, "debt_ebitda": null, "debt_ratio": 82.9, "debt_mv": 129.5, "payout": 30.0, "div_years": 5, "rev_cagr3": 5.6, "np_cagr3": 50.5, "rev_yoy": 18.3, "np_yoy": 33.8, "np_vol": 53.1, "loss_years": 0, "far_share": 52.0, "earn_yield": 9.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["个人金融", 41.0], ["机构服务与交易", 39.0], ["本金投资", 10.0], ["投资银行业务", 6.0]], "ret_prev_year": 0.0, "ret_prev2_year": 23.3, "ret_ytd": -11.6, "ret_pivot": 12.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.8, "ret_60": 5.6, "ret_120": -5.5, "ret_250": -18.3, "mdd_250": -24.9, "vol_250": 20.9, "pos_52w": 82.4}, "S": {"duration": 23, "pricing": null, "hard": null, "bondness": 42}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["申万宏源 是证券Ⅱ。银行赚的是利差,券商保险赚的是资产端与费率,毛利率与固定资产两个轴对它没有意义。", "ROE 近 5 年中位 5.1%,PB 1.00倍,股息率 2.4%,分红率 30%。", "利率上行对银行是净息差扩张(少数受益方向);对保险是资产端浮亏、对券商是交投与融资成本。"], "加息期怎么走": "按笔记:日债/美债收益率上行期,银行股是例外的受益方向;红利型大行按'现金流红利'拿,盯息差而不盯黄金。", "四问": [["当前 FCF 能覆盖多少市值?", "金融业现金流表不适用;用盈利收益率 9.5%(1/PE)与股息率 2.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.5 倍 粗算,约 52%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,最大回撤 -25%,年化波动 21%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 3% / 6% / -6%。", "行业对照": ["同申万二级「证券Ⅱ」50 家中位:PE 15.7 / 股息率 1.9% / 毛利率 10.2% / 固定资产占比 0% / 分红率 33%。", "申万宏源:PE 比行业中位低 5.2倍;股息率 比行业中位高 0.5个百分点;毛利率 ;固定资产占比 比行业中位低 0.3个百分点。"]}}